What to Consider when Purchasing a Payment System for your Restaurant
28 August, 2017
Thanks to services like PayPal Here and Apple Pay, most modern customers will be expecting upgraded payment options when they come to your restaurant. Sure, you’ll always want to accept cash, but you also need to make your restaurant accessible to people with other payment methods. It’s vital that you use a payment system that is compatible with as many payment options as possible.
If you’re looking into purchasing a payment system for your restaurant, here are a few things to consider:
Sale Quantity and Size – How many sales per day are you processing? As a restaurant, that number is likely in the hundreds. Depending on the cost of your food and drinks, the cost can run from tens of dollars to hundreds or thousands per payment. Cloud-based systems may be ideal for smaller restaurants (food trucks, pop-up venues, etc.), but established restaurants may want to consider a server-based, localized system. This gives you quicker access to customer data and a faster service overall.
Additional Services – Many payment services offer additional services, such as gift cards, loyalty programs, online reservations/orders, mobile accessibility, inventory management, third-party integrations, and many more. Always consider these extra services when looking to set up the payment system.
User-Friendliness – The last thing you want is to irritate your customers by making them wait for their bill. They want to pay in a matter of minutes and get on with their day. To make that happen, you need to find a POS system that is as user-friendly as possible. This means fewer entries, an easy User Interface, and simple steps to checkout. Though the customer will never see everything you’re doing, you want to be able to do it as quickly as possible.
Payment Methods – Obviously the big credit/debit card companies will be the most common payment methods used by your customers. However, you need to consider other options, such as Apple Pay or PayPal. Only a small fraction of your customers will use these payment methods, but you want to be able to offer them that option!
Fees/Costs – Every payment system comes with its own fees (transaction fees, data storage fees, etc.) as well as monthly costs for using the software/hardware. Before you get any payment system, it’s important to know all the costs and fees, including the ones written in fine print. You don’t want to be slapped with hidden fees or extra costs because of some feature you weren’t aware of!
Take time to research each payment system thoroughly before you make the final decision. It’s the best way to ensure you’re getting the best quality, most user-friendly system for your restaurant.